| Segment Reporting |
SEGMENT REPORTING The Company has two reportable segments: Solar Energy and Wind Energy. These segments include the Company’s entire portfolio of power plants and are determined based on the “management” approach. This approach designates the internal reporting used by management for making decisions and assessing performance as the source of the reportable segments. Corporate expenses include general and administrative expenses, acquisition costs, formation and offering related fees and expenses, interest expense on corporate indebtedness and stock-based compensation. The following table reflects summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2015, 2014 and 2013: | | | | | | | | | | | | | | | | Year ended December 31, | (In thousands) | | 2015 | | 2014 | | 2013 | Operating revenue, net: | | | | | | | Wind Energy | | $ | 31,197 |
| | $ | — |
| | $ | — |
| Solar Energy | | 92,919 |
| | 39,449 |
| | 22,196 |
| Consolidated | | $ | 124,116 |
| | $ | 39,449 |
| | $ | 22,196 |
| Depreciation, accretion and amortization: | | | | | | | Wind Energy | | $ | 11,973 |
| | $ | — |
| | $ | — |
| Solar Energy | | 16,796 |
| | 7,167 |
| | 4,785 |
| Consolidated | | $ | 28,769 |
| | $ | 7,167 |
| | $ | 4,785 |
| Other operating costs and expenses: | | | | | | | Wind Energy | | $ | 10,779 |
| | $ | — |
| | $ | — |
| Solar Energy | | 13,132 |
| | 4,256 |
| | 1,666 |
| Corporate | | 295,070 |
| | 12,199 |
| | 5,837 |
| Consolidated | | $ | 318,981 |
| | $ | 16,455 |
| | $ | 7,503 |
| Interest expense, net: | | | | | | | Wind Energy | | $ | 943 |
| | $ | — |
| | $ | — |
| Solar Energy | | 39,098 |
| | 24,294 |
| | 11,812 |
| Corporate | | 67,607 |
| | — |
| | — |
| Consolidated | | $ | 107,648 |
| | $ | 24,294 |
| | $ | 11,812 |
| Other non-operating expense (income): | | | | | | | Wind Energy | | $ | 429 |
| | $ | — |
| | $ | — |
| Solar Energy | | 24,177 |
| | (5,128 | ) | | 2,024 |
| Corporate | | 10,263 |
| | — |
| | — |
| Consolidated | | $ | 34,869 |
| | $ | (5,128 | ) | | $ | 2,024 |
| Income tax expense (benefit): | | | | | | | Wind Energy | | $ | — |
| | $ | — |
| | $ | — |
| Solar Energy | | — |
| | — |
| | — |
| Corporate | | 4,858 |
| | 1,700 |
| | (1,651 | ) | Consolidated | | $ | 4,858 |
| | $ | 1,700 |
| | $ | (1,651 | ) | Net (loss) income: | | | | | | | Wind Energy | | $ | 7,073 |
| | $ | — |
| | $ | — |
| Solar Energy | | (284 | ) | | 8,860 |
| | 1,909 |
| Corporate | | (377,798 | ) | | (13,899 | ) | | (4,186 | ) | Consolidated | | $ | (371,009 | ) | | $ | (5,039 | ) | | $ | (2,277 | ) |
Operating Revenues, net The following table reflects operating revenues, net for the years ended December 31, 2015, 2014 and 2013 by specific customers exceeding 10% of total operating revenue: | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | December 31, 2014 | | December 31, 2013 | (In thousands, except for percentages) | | Amount | | Percentage | | Amount | | Percentage | | Amount | | Percentage | Eskom Holdings SOC Limited | | $ | 44,006 |
| | 35% | | $ | 7,152 |
| | 18% | | ** | | ** | Camara de Comercializacao de Energia Eletrica | | 18,910 |
| | 15% | | ** | | ** | | ** | | ** | Gujarat Urja Vikas Nigam Limited | | 17,593 |
| | 14% | | 4,535 |
| | 11% | | $ | 4,419 |
| | 20% | Inner Mongolia Power (group) Co., LTD. | | 12,298 |
| | 10% | | ** | | ** | | ** | | ** | NTPC Vidyut Vyapar Nigam Limited | | ** | | ** | | 9,657 |
| | 24% | | 10,187 |
| | 46% | Malaysia Airports (Sepang) Sdn Bhd | | ** | | ** | | 5,034 |
| | 13% | | ** | | ** |
** These customers did not exceed 10% of total operating revenue for the period indicated. The following table reflects operating revenues, net for the years ended December 31, 2015, 2014 and 2013 by geographic location: | | | | | | | | | | | | | | | | Year ended December 31, | (In thousands) | | 2015 | | 2014 | | 2013 | Brazil | | $ | 18,910 |
| | $ | — |
| | $ | — |
| China | | 16,960 |
| | 2,423 |
| | 929 |
| India | | 34,099 |
| | 19,767 |
| | 20,382 |
| Malaysia | | 8,187 |
| | 8,882 |
| | 885 |
| South Africa | | 44,006 |
| | 7,152 |
| | — |
| Thailand | | 1,954 |
| | 1,225 |
| | — |
| Consolidated | | $ | 124,116 |
| | $ | 39,449 |
| | $ | 22,196 |
|
Total Assets The following table reflects reportable segment assets as of December 31, 2015 and 2014: | | | | | | | | | | | | As of December 31, | (In thousands) | | 2015 | | 2014 | Wind Energy | | $ | 375,683 |
| | $ | — |
| Solar Energy | | 736,359 |
| | 673,456 |
| Corporate (1) | | 1,547,008 |
| | — |
| Consolidated | | $ | 2,659,050 |
| | $ | 673,456 |
|
| | (1) | Corporate assets primarily consist of cash and cash equivalents, intercompany accounts receivable, other current assets and other assets. |
Capital Expenditures The following table reflects reportable segment capital expenditures as of December 31, 2015, 2014, and 2013: | | | | | | | | | | | | | | | | As of December 31, | (In thousands) | | 2015 | | 2014 | | 2013 | Wind Energy | | $ | 397 |
| | $ | — |
| | $ | — |
| Solar Energy | | 93,856 |
| | 190,267 |
| | 60,312 |
| Corporate | | — |
| | — |
| | — |
| Consolidated | | $ | 94,253 |
| | $ | 190,267 |
| | $ | 60,312 |
|
Long-lived Assets, Net Long-lived assets consist of power plants, net and intangible assets, net, all of which are attributable to the Company’s two reportable segments. The following table is a summary of long-lived assets by geographic area: | | | | | | | | | | | | As of December 31, | (In thousands) | | 2015 | | 2014 | Brazil | | $ | 467,990 |
| | $ | — |
| China | | 166,295 |
| | 25,465 |
| India | | 211,561 |
| | 186,782 |
| Malaysia | | 35,902 |
| | 45,328 |
| South Africa | | 258,634 |
| | 121,285 |
| Thailand | | 7,968 |
| | 6,959 |
| Other | | — |
| | 260 |
| Total long-lived assets, net |
| $ | 1,148,350 |
|
| $ | 386,079 |
| Current assets | | 1,216,127 |
| | 234,666 |
| Other non-current assets | | 294,573 |
|
| 52,711 |
| Total assets | | $ | 2,659,050 |
| | $ | 673,456 |
|
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